Research & News
Daily Comment (February 24, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s Comment begins with our thoughts about the potential for a bond rally in 2023. Next, we discuss how revisions to economic data may impact our timeline for a recession in both the U.S. and Europe. We end the report… Read More »
Weekly Energy Update (February 23, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil remains in a trading range between $72-$82 per barrel. (Source: Barchart.com) Crude oil inventories rose 7.6 mb compared to a 2.0 mb build forecast. The SPR was unchanged. In the details, U.S. crude oil production was unchanged at 12.3 mbpd. Exports rose… Read More »
Daily Comment (February 23, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning. Today’s Comment begins with our thoughts about the minutes from the latest Federal Open Market Committee meeting. Next, we discuss changes and challenges in the tech sector and what they signal for investors. The report concludes with a discussion about… Read More »
Daily Comment (February 22, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with a few additional remarks on how the swaggering monetary policies of the major central banks have once again unsettled global stock markets. We next review a wide range of other international and U.S. developments with the potential… Read More »
Bi-Weekly Geopolitical Report – Chip War: Book Review (February 21, 2023)
Thomas Wash | PDF It was simple in the beginning. American firms developed all the designs for semiconductor chips, and Asian manufacturers turned them into reality. It was a match made in capitalist heaven. This all changed after the pandemic exposed supply chain vulnerabilities in the business model, and the situation only worsened after Russia’s… Read More »
Daily Comment (February 21, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Our Comment today opens with more evidence that the European economy is growing much better than expected. We next review a wide range of other international and U.S. developments with the potential to affect the financial markets today, including new tensions between… Read More »
Daily Comment (February 17, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s Comment begins with our thoughts about the mixed signals coming from central bank policymakers concerning future rate decisions. Next, we explain how the transition away from COVID policies and restrictions will affect the West and China differently. Finally, we… Read More »
Daily Comment (February 16, 2023)
by Patrick Fearon-Hernandez, CFA, and Thomas Wash [Posted: 9:30 AM EST] | PDF Good morning! Today’s Comment begins with a discussion about the possibility of a soft landing for the economy. Next, we review how the battle for semiconductors is causing friction within the U.S.-led bloc. Lastly, we give our thoughts on the recent rally… Read More »
Weekly Energy Update (February 16, 2023)
by Bill O’Grady, Thomas Wash, and Patrick Fearon-Hernandez, CFA | PDF Crude oil prices appear to have based but so far have failed to break above resistance at around $80-$82 per barrel. (Source: Barchart.com) Crude oil inventories rose a whopping 16.3 mb compared to a 2.0 mb build forecast. The SPR was unchanged. In the… Read More »